Revolut has applied to become a registered bank in New Zealand.
Since its launch in New Zealand in 2023, Revolut has experienced significant growth, processing over NZ$350 million in transactions to date. The global super-app has introduced 18 products and features within the past 17 months, including spending limit notifications, split bills with transaction accounts, and competitive foreign exchange rates.
Obtaining a banking licence would enable Revolut to compete with established financial institutions by offering interest-bearing savings products and a wider array of credit options.
Georgia Grange, head of New Zealand at Revolut, stated: “Underserved for decades, Kiwis have had to endure a lack of innovation, core functionality, and high fees. Revolut is here to change that. Securing a banking license will allow us to become the first global digital bank in New Zealand and drive much-needed competition in the industry. We look forward to working with the Reserve Bank of New Zealand on our application.”